MINNEAPOLIS, MN - Fritz Waldvogel of Colliers Mortgage closed a $28,975,000 HUD 223(f) loan for a repeat client for the refinance of The Beacon on Westmoreland in DeSoto, Texas.
The 194-unit market rate multifamily complex was completed in 2021 and consists of seven two- and three-story split residential buildings and a single-story clubhouse/leasing office building. Community amenities include a resort-style pool, grill house, fitness center, walking trail, large green space, dog park and pet wash station.
The project was also approved for HUD's Green MIP, which results in considerable debt service savings for the borrower. The loan features a 35-year term and amortization and was arranged through a partnership with Old Capital Lending for the undisclosed borrower.
About Colliers Mortgage (Agency Finance and Commercial Finance) - part of Colliers | U.S. Colliers Mortgage is distinctively positioned to help meet our clients’ financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of property types nationwide. Our professionals work collaboratively to analyze and uncover the best options available for each client’s unique needs, by offering access to federal agency loan programs, commercial finance solutions, and in identifying capital sources for capitalization requirements. We also service all loans we originate and are currently servicing more than $10.0 billion of loans.
About Colliers: Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.